I have seen the good and the bad, I have watched some of the biggest names here in Indy get started and have helped most of them in some form or fashion. 

Biggest thing is adjust pricing appropriately. 

For out-of-state investing, one of the biggest tips is building a solid local team—an agent, contractor, and property manager you can trust is key.

Biggest pati le is getting approved from VA and bringing property up to regulation.

The biggest correlation is interest rates, but that is not the only factor that indicates a strong flip market. 

All this to say starting is the biggest, hardest, most important step.

I am not saying not to do it, just recognise the potential downsides.

Your biggest issue with 5 bedrooms is that 50% of your income is going towards the mortgage, I do not believe banks would even lend to you with a DTI above 40-45 (mortgage + other debts).

Downside is you won’t get the equity accumulation - but if you did this in conjunction with the properties that may not cash flow - the private lending income could help offset the low to no rental income from appreciating properties - so you get the best of both worlds without double the mortgage payments hanging over your head.

The biggest mistake I made in my RE investing career early on was being so conservative that I only bought homes for cash, i.e.